BAKU, Azerbaijan, May 15. The Organization of
Turkic States (OTS) is hopeful of near-term consensus on services
and investment free trade agreement, OTS Secretary General
Kubanychbek Omuraliyev said in an exclusive interview with Trend ahead of the Informal Summit of the organization
in Turkistan, Kazakhstan.
“The OTS continues to make significant strides in strengthening
economic cooperation among its Member States. Currently, 58
cooperation mechanisms exist under OTS umbrella, which cover almost
all areas in the economic field. Key mechanisms supporting these
efforts include the $600 million Turkic Investment Fund (TIF),
which supports mutual investments, stimulates innovation, and
develops entrepreneurship, particularly for SMEs. Equally important
is the Union of Turkic Chambers of Commerce and Industry (TCCI),
which unites over 2 million companies and fosters practical
cooperation among entrepreneurs. At the moment we are working on
proper institutionalization of TCCI,” he said.
Omuraliyev recalled that last year the Turkic Investment
Promotion Network (TurkIPAnet) was launched within OTS, which will
foster collaboration that drive investment, innovation, and
sustainable development throughout the Turkic region.
“Additionally, last year we held the 1st meetings of the newly
established Council of Central (National) Banks of the OTS and the
Turkic Green Finance Council (TGFC), which aims to develop the
capital market in the OTS region for the green economy, as well as
enhance cooperation among OTS Member States in the field of
monetary policy, payment systems development and financial
technologies. Last year we also started full-fledged cooperation
among the Financial Intelligence Units and Competition Authorities
of OTS Member States, which will further strengthen our economic
cooperation.
Besides, concluding an agreement on free trade in services and
investments is also vital for increasing the intra-regional trade
within the OTS and I am hopeful that the OTS Member States will
reach a consensus in the near future on this matter. Moreover,
after entry into force of the Digital Economy Partnership Agreement
(DEPA), which was signed within the framework of the 11th Summit of
OTS in Bishkek, we expect that the development of trust in the
electronic transactions between OTS Member States will increase,
which will pave the way to increasing the e-trade in OTS region,”
said the OTS secretary general.
Omuraliyev pointed out that all these initiatives within the OTS
serve to integrate the economies of Turkic States, which has
positive impact on deepening trade and investments in the
region.
